The apartment business is a people business. Ultimately the owner’s residents are at the core of the investment. The physical plant is obviously a huge part of the investment but a gorgeous property with too few or unhappy residents is not a successful investment. Residents need to be satisfied with their living situation. The article cites 2020 as when the increase in resident sentiment began trending negative. The article attributes the dissatisfaction due to ‘operational changes’ occurring at many properties such as decentralization and reduced staffing creating a less personal experience for residents. Customer service is always at the heart of any service-oriented business. The top five complaints from residents pertain to Customer Service (66%), Maintenance Service (23%), Condition & Availability of the Amenities/Common Areas (22%), Condition of the Apartment (20%), and Communication (16%). The results came from over 2 million reviews. So, owners and operators beware.  As the Simon and Garfunkel song goes, “…you must keep the customer satisfied.”

 

 

Svikhart & Associates, a Salt Lake City-based real estate services company, focuses on asset management, brokerage listings and sales, and all aspects of a multifamily investment. Specific diligence regards property operations and strategies to maximize asset performance and value. Additionally, the firm assists owners regarding economic, financial and market factors that impact returns on investment. The firm targets ‘Mid-Tier’ assets which it defines generally as 10-to-60-unit properties.

 

Please find us at svikhart.com or contact us at 801-550-5684 to learn about the real estate services the firm provides. To subscribe to the firm’s newsletter addressing events of the day please follow this link Newsletters.